Working natural gas in storage in the United States rose by 55 billion cubic feet (bcf) last week, according to estimates by the U.S. Energy Information Administration (EIA). The EIA data showed on Thursday that natural gas supplies reached 2.482 trillion cubic feet in the week ended June 18, down …
Read More »Oil is Falling But Hovering Near Its Highest Level in 3 Years Thanks to Signs of Recovery
Oil prices fell slightly on Thursday, June 24, but are still close to their highest levels in nearly three years, supported by a draw in US inventories and an acceleration in German economic activity. Prices were also supported by doubts about the future of the 2015 Iran nuclear deal, which …
Read More »China Lodges Complaint With WTO over Australia’s Trade Measures Against Some Chinese Rproducts – Reuters
A monitoring from Reuters revealed that Russian oil prices from the Volga River region for local market supplies for July delivery reached a record high, rising about 11% compared to the previous month due to the rise in oil prices in global markets. Traders said that oil for July delivery …
Read More »Gold Finds Selling Pressure And Settles Below Resistance
The resistance level published during the last analysis, located around 1797, was able to limit the bullish tendency witnessed by gold prices yesterday, which forced it to trade negatively again within a gradual decline to the downside approaching by a few points from the first official target 1770, recording its …
Read More »Oil Futures Rebound as U.S. Inventories Fall
Oil prices rose on Wednesday after data showed the fifth consecutive weekly decline in U.S. crude inventories. The prospects of economic recovery and expectations for demand recovery are providing support for crude futures, with the global benchmark Brent restoring the $75 key level. The front month Brent crude futures for …
Read More »Gold Closes at Highest Level in Week
Gold prices rose on Wednesday and managed to finish net their highest level in about a week, supported by a muted performance by the U.S. Dollar (USD). Recent remarks by the U.S. Federal Reserve Chair Jerome Powell that pointed to no plans to raise interest rates just to combat inflation …
Read More »U.S. Oil Inventories Down 7.6 M Barrels in Week – EIA
Crude oil inventories in the United States declined by 7.6 million barrels last week, data showed on Wednesday. For the week ended June 18, gasoline stockpiles dropped by 2.9 million barrels, while distillate inventories increased by 1.8 million, according to the Energy Information Administration (EIA).
Read More »OPEC+ Considering Boosting Output by 500K bPD When They Meet Next Week
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are considering boosting the group’s collective output by some 500,000 barrels per day when they meet next week, the Wall Street Journal reported on Wednesday, according to Reuters
Read More »Gold Gains After Powell Calms Interest Rate Fears
Gold prices rose on Wednesday, June 23, after US Federal Reserve Chairman Jerome Powell pledged to keep interest rates near zero for some time, bringing the dollar to near its lowest level in a week. Spot gold rose 0.2% to $1,782.46 an ounce, and gold futures in the United States …
Read More »Oil Hits More Than Two-Year High Thanks to US Inventories
Oil topped $75 a barrel on Wednesday, hitting its highest since late 2018 after an industry report on crude inventories in the United States bolstered views of tight supplies in the market as travel grew in Europe and North America. Two market sources told Reuters that the American Petroleum Institute …
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